Real estate expert: foreclosed homes bought by speculators

Estonian real estate expert Tõnu Toompark writes in Pealinn that homes sold by people who have developed financial problems are often acquired by speculators.

According to Toompark, most houses and apartments foreclosed by banks for loan defaults are not sold in actual auctions, but end up in the ownership of so-called real estate sharks.

“Speculators have been on the market for soem time now. The data from recent quarters shows that the volume of real estate transactions exceeds the volume of loans issued by banks. This means that cheap apartments and homes have been acquired by people who have free funds,” said Toompark.

BBN reported that banks foreclosed more than 500 homes last year on borrowers who were unable to meet their loan repayments.

Artikli autor on Toomas Hõbemägi. Artikkel ilmus 18/01/2010 väljaandes Balticbusinessnews.com.

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